Income Tax allowability
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 February 2011
Is payment of income Tax is allowable expenditure from business income (debited to P&L) or is disallowed (transfer ti capital a/c).....?
21 February 2011
Payment of income tax is disallowable expenditure
21 February 2011
If debited in the profit and loss account, will be disallowed under section 40 (a)(ii) of the IT Act,1961.
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